Strategic View:
A consortium led by Partners Group, including CDPQ and Ontario Teachers’, has completed the acquisition of Techem, a German energy sub-metering giant. This club deal values the company at over €6.7 billion. The transaction highlights the appetite for “energy transition” services that offer recurring revenue and inflation protection.
Full Story:
Partners Group, acting on behalf of its clients, has successfully closed the acquisition of Techem, a leading German energy service provider. Leading a heavyweight consortium that includes Canadian pension giants CDPQ and Ontario Teachers’ Pension Plan (OTPP), Partners Group has secured one of the largest European buyouts of 2025.
The deal thesis rests on the European Union’s aggressive decarbonization mandates. Techem provides sub-metering services that allow landlords to measure and bill heating and water usage accurately, incentivizing efficiency. This makes the company a critical enabler of the EU’s Green Deal. The syndicate structure was crucial here: the sheer size of the check required to buy out the previous owners (also a consortium) necessitated a “club” of deep-pocketed LPs* who could commit capital for a long-term hold.
Moreover, this transaction illustrates the “secondary buyout” phenomenon where assets trade between PE firms. Partners Group beat out strategic bidders by forming a club that could move quickly and offer certainty of closing. The involvement of CDPQ and OTPP suggests a lower cost of capital, allowing the consortium to pay a premium for a high-quality infrastructure-like asset.
Why It Matters:
Energy efficiency services are becoming “Infrastructure-lite.” Investors are paying infrastructure multiples for service companies like Techem because they offer steady, regulated-like cash flows. The club deal model remains the only way to digest these multi-billion euro enterprise values.
Source(s):
Acquisition of Techem by Partners Group led consortium completed
